NEW YORK CITY — GFI Realty Services has arranged the sale of a development site located at 11 E. 115th St. in East Harlem. The 46,867-square-foot property sold for $10 million in an off-market transaction. Yosef Katz of GFI represented the buyer, Albert Rabizadeh, and the seller, Rubin Schron’s Cammeby’s International, in the transaction. The buyer is currently developing plans for a rental community to be constructed on the site.
NASHUA, N.H. — CBRE/New England has brokered the sale of a former mill building located at 34 Franklin St. in Nashua. Lofts 34 LLC, a Brady Sullivan company, purchased the 310,000-square-foot property for an undisclosed price. The former paper mill is located within Nashua’s Riverfront West development project, which is being redeveloped into a pedestrian-oriented, mixed-use neighborhood. Mike Tamposi of CBR/NE represented the undisclosed seller in the transaction. The buyer has not announced what it plans to do with the property yet.
FRAMINGHAM, MASS. — Brendon Properties has acquired Marist House Retreat Center at 518 Pleasant St. in Framingham. Marist Fathers of Boston sold the two-building property, which totals 50,077 square feet, for $4 million. The buyer plans to redevelop the 28.7-acre property into a seniors housing townhome community. The property includes a 45,000-square-foot, 70-bed former seminarian residence, a chapel, support space and administration offices. Robert Cronin and Kevin Brawley of Colliers arranged the transaction. Brendon Properties is a builder of age-restricted developments in the MetroWest region.
DETROIT — Bernard Financial Group has arranged a $70 million loan to refinance the First National Building in downtown Detroit. The office building, located at 660 Woodward Ave., is 25 stories and over 800,000 square feet. The borrowing entity is 660 Woodward Associates LLC, an affiliate of Bedrock Real Estate Services. Dennis Bernard and Kevin Kovachevich originated the loan and arranged it through a national commercial mortgage-backed securities (CMBS) lender. The First National Building was constructed in 1922. The property includes an internal 10-story parking garage with 477 spaces. Bernard Financial Group is a Detroit-based mortgage banking firm. Bernard Financial will provide full servicing for the loan. Detroit-based Bedrock Real Estate Services is a full-service real estate firm specializing in acquiring, leasing, financing, developing and managing commercial and residential space.
ROCHESTER HILLS, MICH. — Landmark Investment Sales has brokered the sale of a 13-acre former Kmart. The property is 121,000 square feet and sold for $6.8 million. The space is located at the intersection of Rochester Road and Avon Road in Rochester Hills, which is approximately 30 miles from Detroit.
ROMULUS, MICH. — Developer Chris Semarjian of Industrial Commercial Properties (ICP) and Stuart Lichter of Industrial Realty Group (IRG) have purchased the Northline Industrial Center in the greater Detroit area. The property is located at 38481 Huron River Drive and has over 1 million square feet of warehouse facilities situated on 164 acres. Anchor tenants include Home Depot, W.F. Whelan Company and Renaissance Global Logistics. Gary Glotzhober of Colliers International brokered the acquisition of the property from Soave Enterprises. The Northline property was originally designed and built for a government jet engine manufacturing facility. It was sold to Ford Motor Company and ultimately was owned and occupied by Kelsey-Hayes as a wheel manufacturing facility. This property is Semarjian and Lichter’s fourth major acquisition in metro Detroit. Developers Chris Semarjian (ICP) and Stuart Lichter (IRG) partner on national and regional projects and specialize in the acquisition, development and management of commercial and industrial real estate.
HEATHROW, FLA. — ARA Newmark has brokered the $44.8 million sale of Pure Living Heathrow, a 252-unit, garden-style apartment community in Heathrow, a suburb of Orlando. The property was 94 percent occupied at the time of sale. Built in 2009, the Class A community features nine- and 10-foot ceilings, granite countertops, stainless steel GE appliances, smoke-glass privacy walls and hardwood flooring in select units. The property’s amenity package includes 24-hour gated entry, on-site dry cleaning, a putting green, sand volleyball court, Zero Edge pool, Infinity Edge Champagne spa, rooftop clubroom, lounge and sun deck. Patrick Dufour, Kevin Judd, Scott Ramey, Marc deBaptiste and Dick Donnellan of ARA Newmark represented the seller, PME Providence LLC, in the transaction. Toronto-based Starlight Investments Ltd. was the buyer.
SMYRNA, GA. — Wood Partners has opened Alta Belmont, a new 274-unit apartment community in Smyrna, a northwest suburb of Atlanta. The luxury apartment community is the multifamily component of Belmont, a 48-acre mixed-use development that Halpern Enterprises is developing in Smyrna. Wood Residential Services, Wood Partners’ property management division, is managing the property. Alta Belmont is located within walking distance of The Shops at Belmont, the new Smyrna Elementary School and the Smyrna Community Center, which features indoor sports courts, a track, fitness area and game rooms. Alta Belmont features a saltwater aqua lounge, sun deck, grilling station, resident lounge and a fitness center. This project is Wood Partners’ 22nd multifamily community in Georgia, where the Atlanta-based national multifamily investment firm has added more than 6,500 units.
CORAL SPRINGS, FLA. — Colliers International has brokered the $6 million sale of a 19,077-square-foot, single-tenant retail property in Coral Springs. Constructed in 2005, the freestanding retail building is located at 4151 Turtle Creek Drive. PetSmart currently occupies the property and has 11 years remaining on its lease. Steve Schroeder of Solid Investments represented the Chile-based buyer, Andyara Investments LLC, in the transaction. Jon Busse, Ron Schultz and Mike Milano of Colliers represented the seller, Burlingame Coastal LLC.
SANDY SPRINGS, GA. — Herndon, Va.-based SugarOak Holdings has purchased Roswell North, a 58,529-square-foot office building located at 8010 Roswell Road in Sandy Springs, a northern suburb of Atlanta. SugarOak purchased the asset from an unnamed private investor for $5.4 million. Built in 1986, the three-story office building was 94 percent leased at the time of sale. Kevin Markwordt and Todd Syprett of Transwestern represented the seller in the transaction.